NETHERLANDS - Valcon raises bid for VNU

In addition, the consortium, which includes AlpInvest Partners, Blackstone Group, Hellman & Friedman and Thomas H. Lee Partners, lowered the threshold needed to win shareholder approval to 80% from 95%. It also extended the deadline for tendering the shares to 16 May.

It is understood that Templeton, owner of a 14.7% stake in VNU, and until recently among those shareholders which resisted the bid, will tender its shares under the new terms and conditions. The position of Fidelity, owner of a 15% stake, is as yet unknown, but Knight Vinke Asset Management, owner of less than 2% in the company, continues to resist the bid on the grounds that it still undervalues the company.

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